The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Alexander & Baldwin Inc COM 014491104 8,934 381,131 SH   SOLE   129,439 0 251,692
Alexandria Real Estate Equit COM 015271109 68,039 356,092 SH   SOLE   255,969 0 100,123
American Campus Communities COM 024835100 697 14,390 SH   SOLE   12,935 0 1,455
American Homes 4 Rent COM 02665T306 39,017 1,023,556 SH   SOLE   751,867 0 271,689
American Tower Corp. COM 03027X100 54,329 204,698 SH   SOLE   160,385 0 44,313
Boston Properties, Inc. COM 101121101 34,342 316,961 SH   SOLE   193,863 0 123,098
Camden Property Trust COM 133131102 90,321 612,470 SH   SOLE   383,678 0 228,792
CoreSite Realty Corp. COM 21870Q105 25,208 181,958 SH   SOLE   64,988 0 116,970
Cousins Properties, Inc. COM 222795502 1,659 44,495 SH   SOLE   44,495 0 0
Crown Castle Inc COM 22822V101 2,245 12,955 SH   SOLE   12,255 0 700
Cubesmart COM 229663109 39,789 821,226 SH   SOLE   402,446 0 418,780
Duke Realty Corporation COM 264411505 86,710 1,811,381 SH   SOLE   1,048,554 0 762,827
Eastgroup Properties COM 277276101 22,489 134,963 SH   SOLE   53,985 0 80,978
Equinix Inc. COM 29444U700 174,835 221,274 SH   SOLE   126,534 0 94,740
Equity Lifestyle Properties COM 29472R108 58,608 750,416 SH   SOLE   550,009 0 200,407
Equity Residential COM 29476L107 106,802 1,319,847 SH   SOLE   808,227 0 511,620
Essex Property Trust, Inc. COM 297178105 93,766 293,258 SH   SOLE   188,819 0 104,439
Extra Space Storage, Inc. COM 30225T102 98,101 583,964 SH   SOLE   412,840 0 171,124
Federal Realty Investment Tr COM 313747206 16,987 143,969 SH   SOLE   58,201 0 85,768
Global Medical REIT COM 37954A204 13,419 912,855 SH   SOLE   377,893 0 534,962
Highwoods Properties, Inc. COM 431284108 32,787 747,547 SH   SOLE   266,523 0 481,024
Hilton, Inc. COM 43300A203 1,442 10,912 SH   SOLE   10,912 0 0
Invitation Homes Inc COM 46187W107 83,557 2,179,924 SH   SOLE   1,429,431 0 750,493
JBG Smith Properties COM 46590V100 10,025 338,559 SH   SOLE   338,400 0 159
Jones Lang Lasalle Inc COM 48020Q107 7,269 29,300 SH   SOLE   29,300 0 0
Kilroy Realty COM 49427F108 42,627 643,817 SH   SOLE   329,512 0 314,305
Kimco Realty Corp. COM 49446R109 76,879 3,705,009 SH   SOLE   2,303,876 0 1,401,133
Lamar Advertising Co-A COM 512816109 10,207 89,965 SH   SOLE   89,965 0 0
MGM Growth Properties COM 55303A105 1,268 33,105 SH   SOLE   29,585 0 3,520
Mack-Cali Realty Corporation COM 554489104 12,325 719,948 SH   SOLE   293,870 0 426,078
Playa Hotels & Resorts COM N70544106 24,391 2,942,164 SH   SOLE   1,732,904 0 1,209,260
Potlach Corp COM 737630103 11,768 228,152 SH   SOLE   88,072 0 140,080
ProLogis Inc. COM 74340W103 208,807 1,664,732 SH   SOLE   1,110,085 0 554,647
Public Storage COM 74460D109 33,433 112,534 SH   SOLE   37,423 0 75,111
Realty Income COM 756109104 1,644 25,340 SH   SOLE   22,455 0 2,885
Retail Opportunity Investmen COM 76131N101 19,274 1,106,457 SH   SOLE   1,105,983 0 474
Ryman Hospitality Properties COM 78377T107 29,055 347,128 SH   SOLE   227,439 0 119,689
SBA Communications COM 78410G104 1,833 5,545 SH   SOLE   5,160 0 385
Simon Property Group, Inc. COM 828806109 96,813 744,889 SH   SOLE   465,407 0 279,482
Sun Communities, Inc. COM 866674104 44,801 242,034 SH   SOLE   159,140 0 82,894
Ventas, Inc. COM 92276F100 42,130 763,091 SH   SOLE   481,377 0 281,714
Vici Properties COM 925652109 1,028 36,175 SH   SOLE   32,090 0 4,085
Welltower Inc. COM 95040Q104 115,869 1,406,177 SH   SOLE   829,054 0 577,123
Xenia Hotels & Resorts Inc COM 984017103 22,766 1,283,347 SH   SOLE   738,116 0 545,231